daytrading nov 14 afternoon

Thanks Endless. Crikey, mate, they're using you as an Aunt Sally on the threads these days. I'm standing behind you but remember not to duck.

Half-time round-up:

The share market bounced hard this morning as most regional markets rallied on the promise of prolonged stimulus spending in the US.

At lunchtime the ASX 200 was 50 points or 0.9% ahead at 5369 and on track to recoup most of yesterday's 74-point plunge. A broad rally boosted all sectors except utilities -0.2%. Leading the gains were gold stocks +1.8%, financials +1.6% and consumer discretionary +1.1%.

The rally came as US futures responded positively to the release of prepared remarks from Federal Reserve chairman nominee Janet Yellen ahead of a Senate hearing tonight. Yellen said the Fed has "more work to do" to stimulate the economy and labour market. Dow futures were lately up 14 points or 0.1% but well off earlier highs.

"I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy," Yellen said. Read more here.

Hong Kong's Hang Seng rallied 0.31% and Japan's Nikkei put on 1.14%. China's Shanghai Composite extended yesterday's fall, dropping another 0.34%.

Spot gold bounced $9.90 this morning to US$1,282.40 an ounce following the release of Yellen's remarks. Crude oil futures slipped 13 cents to US$93.64 a barrel. The dollar was buying 93.62 US cents.



The king is dead, long live the queen. Yellen is off to a fine start so far as Wall Street is concerned. More of the same? That will do nicely. The taper looks to be off the table for another few months, at least until the other side of the next Congressional stoush. And thanks to NRT, we'll all live long enough to enjoy it. Wonder how many people who bought understand the meaning of "cytotoxic", "pluripotent" and "apoptosis"? I'm an arts graduate so I have no idea. But if they're using 'sciencey' words they probably know what they're doing, right? (Sorry, the PSY phenomenon has triggered my cynicism reflex - I should have been in and out for a quick trade instead of typing this stuff.) Low-key session for me compared to yesterday. Got a few points out of SEN and IGO.